Filinvest Land’s income decreased by 37%

Filinvest Land Inc. said: (FLI), the listed real estate development arm of Gotianun Group, said its attributable income in the January-September period fell 37 percent to 1 billion pesos from 3.18 billion a year earlier.

The company indicated that it registered pesos 1.1 billion in income tax benefits last year due to the Corporate Recovery Act and Corporate Tax Incentives.

FLI said its revenue grew 9 percent to 13.66 billion pesos from 12.46 billion last year.

Leasing services rose 9 percent over the period to 4.68 billion pesos from 4.28 billion last year.

Meanwhile, real estate sales grew 10 percent to 8.98 billion pesos from 8.18 billion pesos a year earlier, driven by the company’s accelerated construction activities and the strong performance of its residential projects in Cavite, Laguna and Rizal, and mid-rise condominiums. In Metro Manila and Davao.

Booking sales also grew 15 percent to 14 billion pesos during the period as it launched new residential projects worth 2.24 billion pesos in Teresa in Rizal, Naga in Camarines Sur and San Rafael Bulacan.

The developer recently launched master-planned residential communities in Dagupan City, Zamboanga City has boosted its smart value apartment sector in Filinvest Land.

“We are pleased with the continued growth of our residential business, and in particular the sustained sales performance of our newly opened joint ventures in Dagupan City and Zamboanga City,” said Tristan Las Marías, President, FLI.

“Our investment to increase sales networks, both domestically and internationally, particularly in tested markets such as the Middle East and Europe, is driving the improvement in booking sales performance year on year.”

Futura One in Fora Dagupan and Futura Vinta in Zamboanga are green, sustainable mid-rise communities that offer condominiums amidst refreshing amenities and wide open spaces.

Futura One in Fora Dagupan offers studio units suitable for students or those working in town and two-bedroom units suitable for growing families. Futura Vinta exclusively offers 2-bedroom units. These units are also investor friendly with opportunities for rental income and potential capital appreciation.

Futura One in Fora Dagupan and Futura Vinta in Zamboanga are expected to be followed by another mid-rise residential community in General Santos in the coming months. These three residential communities are the first master-planned residential communities in their own cities. Filinvest Land is also preparing to enter Bataan during the year.

The company’s commercial center business also grew by 66 percent compared to the same period last year and contributed to revenues of EGP 1.14bn. The growth in the mall’s revenues was attributed to the improvement in tenant occupancy and the increase in in-store sales resulting from increased foot traffic.

“As occupancy increases and our mall business performance improves, we are optimistic that we can maintain our recovery trajectory and increase revenue in the coming months,” said Las Marías.

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